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 ALBERT H. WIGGIN 
 
 PRESIDENT 
 
^Uhe CHASE NATIONAL BANK 
 
 of {he CITY of NEW YORK 
 
 THE Chase iNational Bank of the City of New York reached the torty- 
 fifth anniversary of its founding on September 12, 1922, and though 
 still one of the younger banks in point of years, it has become the 
 second largest national bank in the United States. To its upbuilding have 
 been dedicated the foresight, the courage, the unremitting toil and devotion 
 of many men both great and obscure. They have wrought with wisdom 
 and with the lasting tools of integrity and character. The firm and healthy 
 growth which they have established, nourished, and directed has not yet 
 measured the possibilities of its future. In' the light of the past only may 
 it be gauged, and the only prevision of its destiny is to be found in the 
 ruggedness of its early growth. 
 
 A small group of men, five in number, met on September 12, 1877, at 
 1 17 Broadway, to organize the Chase National Bank. These men, the sole 
 original shareholders and the first Board of Directors, were: 
 
 Samuel C. Thompson, New York City 
 John Thompson, New York City 
 Isaac W. White, New York City 
 Francis G. Adams, Coxsackie, New York 
 Lewis E. Ransom, Hempstead, New York 
 
 The Bank was opened the following week, on September 20, 1877, at 
 117 Broadway, with a capitalization of $300,000. The next day deposits 
 stood at 114,738.20. Approximately three months later, on January 2, 
 1878, the total amount owing depositors, both banks and individuals, 
 passed half a million, — the figures being $628,625.85 — and the undivided 
 profits account showed $1438.50. Thus it appears that the young bank 
 took hold of life with enthusiasm. 
 
 What of the men who gave it this auspicious beginning? Of its five 
 organizers the Thompsons, father and son, were the prime movers. The 
 interest of the other three men was minor as compared with that held by 
 the Thompsons. Lewis E. Ransom was an importer of drugs in Maiden 
 Lane, Francis G. Adams had been a banker in Chicago, and Isaac W. White 
 was a member of the firm of White Bros. & Olivet, dry goods dealers in 
 Poughkeepsie. 
 
 M19792 
 
THE CHASE NATIONAL BANK 
 
 John Thompson, who had begun his career as a school teacher, had 
 nevertheless been in Wall Street most of his life. We read of him in The 
 Sun of September 15, 1877: 
 
 For fifty years the name of John Thompson has been known in Wall 
 Street, where he has pursued an old-fashioned, conservative line of bank- 
 ing and ^njassed an immense fortune. 
 
 • •••••• 1 
 
 • • * *• • • * 
 
 At the tiVrte'hS'quganized the Chase National Bank, John Thompson was 
 ^eVfh/y^five'ja^^r^^.bld. His record for financial sagacity was well known 
 Al-oti'ghburthe country, and it was said of him that he had a better under- 
 standing of the true functions of bank notes than any man in the United 
 States. Thompson's Bank Note Reporter, which he issued for many years, 
 was the reliable source of information on the value of the state bank cur- 
 rency and was in constant demand. Prior to the National Bank Act, it 
 will be remembered, state banks issued notes, and the value of these notes 
 varied according to the soundness of the bank which issued them. This 
 fact made it necessary for the public to protect itself, as far as possible, by 
 keeping constantly informed of the current quotations on the various notes. 
 
 The evils of this situation were particularly evident to John Thompson, 
 and so it is natural to find him a great admirer and supporter of Salmon 
 P. Chase, the man who finally abolished the evil and put the bank-note 
 currency of the United States on a uniform basis. 
 
 Chase, Lincoln's Secretary of the Treasury, came into office in 1861 
 and at once endeavored to get Congress to pass a national banking act 
 by which a national system of banks would be created, regulated by the 
 national government, and given the power to issue notes, secured by gov- 
 ernment bonds. This would have given a market for the government 
 bonds, which was sorely needed at that time, and have done away with 
 the bewildering, unsafe, and altogether objectionable practice of diverse 
 issues by state banks. Not until 1863 did Chase's fight for the unification 
 of the bank-note currency of the country meet with any measure of suc- 
 cess. Then at last the National Banking Act was passed, though much 
 modified, so that several years more were needed before its purpose was 
 accomplished. Finally a sufficiently heavy tax was levied upon the issues 
 of state banks, to make it preferable for them to enter the national system, 
 and to bring about the demise of the state bank circulation. 
 
 John Thompson and his son Samuel organized the First National Bank 
 in New York City immediately after the passage of the National Bank 
 Act in 1863 and remained its active managers until 1877. The way of the 
 new national institution was not smooth at first, for there was considerable 
 opposition to the national system from the banks of the city. However, 
 the wise management of the bank by the Thompsons, and the action of 
 
OF THE CITY OF NEW YORK 
 
 Prom an engraving by A. H. Ritchie 
 
 SALMON PORTLAND CHASE 
 
 Secretary Chase in making it a government depositary, soon brought the 
 new institution into safe waters. 
 
 In 1877, having sold their interest in the First National, John and 
 Samuel Thompson started afresh at the task of launching a new national 
 bank, and this one they named for the father of all national banks, Salmon 
 P. Chase. 
 
 As the country in 1877 had not by any means recovered from the 
 economic dislocations caused by the Civil War. it was thought by many a 
 poor time to start a new financial enterprise. Quoting again from The Sun 
 of that day we learn John Thompson's attitude on this point: 
 
 Mr. John Thompson, the veteran, was asked yesterday if he didn't 
 think this rather a risky time to start such an enterprise. He said: "I 
 have just come from the Dry Goods Bank, which is closing up its affairs. 
 I told them there that this is just the time to start a bank. Everything 
 
THE CHASE NATIONAL BANK 
 
 ^^^^t>*OLJ^ 
 
 U 
 
 From Rhodes Journal of Banking^ The signature Is a facsimile ot tlie 
 last one Mr. Thompson wrote 
 
 is at the ebb. Everything has touched bottom and got as low as it can. 
 If there be any change at all it must be for the better. A bank which 
 has no real estate, not a debt in the world, no law suits, and plenty of 
 cash need fear nothing. 
 
 Thus we see that the Chase National Bank received an early baptism 
 of fearlessness. 
 
OF THE CITY OF NEW YORK 
 
 The first statement of condition was issued by the Chase National Bank 
 on December 29, 1877. The report was accompanied by a letter which is 
 interesting not only as shedding light upon the early success of the Bank, 
 but as being in reality one of its first advertisements. Mr. Thompson 
 would undoubtedly be horrified to hear this stately document called an 
 advertisement, yet in the best sense it is just that. 
 
 CHASE NATIONAL BANK 
 
 117 Broadway, after Jan. 75, 1878, 104 Broadway 
 
 New York, December 29th, 1877. 
 
 The long experience in banking, the abundant success of the past four- 
 teen years, as founders and managers of the First National Bank of New 
 York City, and the close personal attention given to the business in all 
 its details as founders and managers of this Bank, warrant us in again 
 asking the attention of all parties actively engaged in the inonied opera- 
 tions of this country. 
 
 Three months ago the business men of this country were surprised by 
 the opening of the Chase National Bank, and at that time and since the 
 question has been frequently asked, why a bank should be opened at a 
 time when so many old institutions were undergoing the process of liqui- 
 dation and dissolution, indicating, as they argued, a dangerous and 
 uncertain time to start a new enterprise, particularly of that kind. 
 
 The founders of the Chase National Bank, however, viewed the 
 situation in an entirely different light, believing the proper time was 
 at hand for successfully opening an institution with a liberal capital, 
 absolutely known to be perfectly sound and clean, free from bad and 
 suspended debts, doubtful securities, lawsuits, depreciated real estate, and 
 the numerous entanglements consequent upon the great revolution in 
 trade during the past few years, and under the control and guidance of 
 experienced persons having a known reputation for safe, careful, sound, 
 conservative views and actions. 
 
 The growth of the business for the short period of three months 
 proves they were correct, for the success of this new Bank has Surpassed 
 the most sanguine expectation of its founders, and with just pride they 
 herewith submit a statement of its present condition, being the first issued. 
 
 It is the determination of the founders and managers, to merit a 
 continuance of the confidence so freely expressed and shown in all quar- 
 ters, by strictly adhering to their former sound conservative course of 
 holding the deposits of the Bank at all times in cash, or in demand 
 loans, protected by choice securities, and having its Capital and Surplus 
 only in discounts, and in all the details of the business, looking more to 
 safety and security than to profits. 
 
 It is furthermore the intention, to furnish correspondents and dealers 
 a statement every time a report is called for by the Comptroller, and in 
 addition, to freely show to dealers at all times upon request, the situa- 
 tion of the Bank. 
 
 The terms for accounts will always be as liberal as those of any safe, 
 sound, and properly conducted Bank in the city. 
 
THE CHASE NATIONAL BANK 
 
 We propose to continue to give careful attention to the placing of 
 Bonds at Washington for circulation, to the withdrawal or exchange of 
 the same, TO THE COLLECTING OF INTEREST ON THE SAME, 
 to the maintenance of the five per cent. Reserve fund, and, in fact, to 
 everything pertaining to this branch of the banking business, as 
 promptly and with as little cost to our correspondents as possible. 
 Orders for Bonds and Stocks will be promptly attended to. 
 
 We desire to express our thanks to our patrons, who have already 
 honored us with their confidence and correspondence, and to invite all 
 who are contemplating a change of accounts to correspond with us. 
 
 Samuel C. Thompson, President, 
 Jno. Thompson, Vice-President, 
 Isaac W. White, Cashier. 
 
 FIRST REPORT OF THE CHASE NATIONAL BANK OF THE 
 CITY OF NEW YORK, DECEMBER 27, 1877 
 
 Resources 
 
 U. S. Bonds, to secure Circulation $ 125,000.00 
 
 Premium on U. S. Bonds, for Circulation 9,062.50 
 
 United States Bonds 319.72 
 
 Demand Loans 545,100.00 
 
 Bills Discounted 107,416.57 
 
 Due from Banks (Collections) 33,035.95 
 
 American Exchange National Bank (Currency) 49,183.93 
 
 American Exchange National Bank (Gold) 1,477.92 
 
 Legal Tenders |62,136.00 
 
 Gold 88,956.25 
 
 Five per cent. Redemption Fund with U. S. 
 
 Treasurer 5,625.00 
 
 156,717.25 
 
 Specie-Silver 493.69 
 
 Checks and other Cash Items 469.33 
 
 Bills of other National Banks 7,717.00 
 
 Overdrafts 381.69 
 
 Furniture and Fixtures 1,780.43 
 
 Expense Account 3,193.35 
 
 Interest Credited Correspondents 659.92 
 
 11,042,009.25 
 
 Liabilities 
 
 Capital Stock paid in I 300,000.00 
 
 Profit and Loss $ 1,641.57 
 
 Interest 4,345.05 
 
 Discount 2,085.89 
 
 8,072.51 
 
 Circulation 112,500.00 
 
 Due to other National Banks 173,327.74 
 
 Due to State Banks and Bankers 168,686.40 
 
 Certificates of Deposit 13,919.56 
 
 Individual Deposits 246,721.29 
 
 Gold Deposits 13,031.75 
 
 615,686.74 
 
 Certified Checks ^.750.00 
 
 11,042,009.25 
 
 ^ 
 
OF THE CITY OF NEW YORK 
 
 There follows a list of the Directors, the Cashier's statement, and an 
 attestation by notary. At the close we find this explanation of one of the 
 items: 
 
 The deposit in the American Exchange National Bank of $49,183.93 
 currency and $1477.92 gold, is against checks and drafts coming through 
 the Clearing House, which are honored by that Bank; giving us all the 
 advantages of a clearing house membership, until such time as it is to 
 our interest to join and make our clearances direct. 
 
 The Chase National Bank is a designated and approved "Reserve 
 Depository" for National Banks, and now acting as such for many. 
 
 In the fall of 1878 the Chase National Bank became itself a member of 
 the Clearing House. 
 
 As announced in the letter above, the Bank moved to its permanent 
 quarters at 104 Broadway on January 15, 1878. It occupied the first floor 
 of the high-stooped, three-story-and-basement building which then stood 
 just below the corner of Pine Street and Broadway. Here one might see 
 the venerable John Thompson any 
 day up to three o'clock, for he was a 
 hard worker and constant in atten- 
 dance at the Bank in spite of his sev- 
 enty-five years. But at three o'clock 
 regularly he started for home, taking 
 the Madison Avenue stage, which 
 was one of the principal methods of 
 transportation "up-town" in those 
 days before the trolley cars, ele- 
 vated railways or subways were 
 known. The telephone was a very 
 new invention at the time the Chase 
 was opened, but when it began to 
 come into general business use an 
 instrument was installed at the Bank. 
 After a month, however, it was 
 summarily removed, for Mr. John 
 Thompson averred, in no uncertain 
 terms, that it was "a damn nuisance, 
 with all the brokers calling up for 
 loans at three o'clock." 
 
 A press report describes Mr. John 
 Thompson as he was seen every day 
 at the Bank in these words: 
 
 I04 
 
 ROADWAY.. 
 
10 THE CHASE NATIONAL BANK 
 
 Mr. Thompson was accustomed to sit within a railed off corner near 
 the door, a quaint figure to those who were not familiar with the dress 
 and manners of an earlier generation. Home knitted woolen stockings 
 were freely displayed, the linen was immaculate but of the fashion of 
 1850. The collar was of the type known in anti-war days as a "dickey." 
 
 In politics Mr. Thompson was a disciple of Henry Clay, and remained 
 always an ardent protectionist. 
 
 John Thompson never took a bond of any employee, but kept always 
 in close touch with each one under him. This was not difficult at first, for 
 when the Bank opened there were just four clerks. One of these was 
 Charles C. Slade, now Assistant Cashier of the Bank. 
 
 Mr. Slade was employed by Mr. Thompson on September 15, 1877. 
 five days before the Bank opened. He had been with the Dry Goods Bank, 
 in the liquidation of which he was helping at that time; Mr. Thompson 
 visited the Dry Goods Bank in regard to the purchase of some of its equip- 
 ment, and took Mr. Slade away with him to help open the new Chase 
 National. Mr. Slade acted as Paying Teller until April, 1879, when he 
 was made Assistant Cashier. When Mr. Adams resigned as Director in 
 February, 1883, Mr. Slade was elected a Director to take his place, serv- 
 ing in that capacity until the Bank came under new management in 1886. 
 On Ma}^ 27, 1885, he was appointed Cashier, resigning December 1, 1886, 
 and resuming his position as Assistant Cashier, which he has held uninter- 
 ruptedly to the present time. 
 
 As a matter of interesting comparison between the Bank as it was then 
 and as it is to-day, Mr. Slade tells us that the first month's rent of the 
 Chase National Bank was |150. This was for the ground floor of 117 
 Broadway, a space twenty-five feet in width. The original furnishings 
 were purchased for |1000. 
 
 At 104 Broadway the four officers occupied a space smaller than one 
 of the private offices of to-day, and the entire banking space would have 
 appeared lost in the present main corridor. 
 
 Business increased steadily, and in January, 1884, with a capital of 
 1300,000, surplus of |250,000, undivided profits of over $8000, and total 
 deposits of |6,096,326, it was manifest that John Thompson had been 
 right in estimating his ability to start a bank successfully in the depressed 
 year of 1877. 
 
 April, 1884, brought the first administration to an end by the death of 
 the first President of the Bank, Colonel Samuel C. Thompson. His father 
 succeeded him in the presidency, so there was no change of policy, but 
 John Thompson was approaching the time when he was ready to give up 
 the heavier responsibilities of his business life. He had chosen to take 
 the vice-presidency, rather than the presidency, from the beginning, and 
 
OF THE CITY OF NEW YORK 11 
 
 now circumstances had forced him to assume the full task of leadership. 
 It was not for long, however. 
 
 In January, 1886, the number of Directors was increased to seven, and 
 William H. Akin, John G. Moore, and Alfred C. Mintram were elected to 
 the directorate. Of these men Mr. Moore was the outstanding figure. He 
 was head of the firm of Moore & Schley, private bankers, and one of 
 the most influential men in Wall Street at that time. 
 
 The year 1886 marked the beginning of a new period in the growth of 
 the Chase National Bank. In the autumn of that year Mr. Henry W. 
 Cannon became President of the institution. Mr. John Thompson resumed 
 his position as Vice-President, in which capacity and that of Director he re- 
 mained until his death in 1891; but with the accession of Mr. Cannon to 
 the presidency, the founder of the Bank laid down the heavy responsibili- 
 ties of leadership from which his advanced age and long record of accom- 
 plishment entitled him to release. 
 
 With the new administration came several changes in the directorate. 
 Mr. Mintram and Mr. Akin resigned on October 29, their places being 
 taken by Mr. Cannon, and Edward Tuck, formerly American Consul in 
 Paris and later a member of the firm of Monroe & Co., bankers, of New 
 York and Paris. On November 5, Mr. Ransom, Mr. F. T. Adams (a 
 son of Francis G. Adams, who had been made a Director the previous 
 year), and Mr. Slade resigned, and their places were filled by the election 
 of General Samuel Thomas, Hon. Calvin S. Brice, and Mr. Oliver H. 
 Payne. Shortly thereafter, on December 1, 1886, the appointment of Mr. 
 William H. Porter as Cashier completed the new administration. 
 
 General Thomas, who had won the rank of brigadier in the Civil War, 
 was a close friend of the Hon. Calvin S. Brice, former United States Sen-' 
 ator from Ohio, and both men had been associated in the building of the 
 Nickel Plate Railroad and in the development of other railroads of the 
 Middle West and South. 
 
 Henry White Cannon, the new guiding power of the Chase National 
 Bank, was a native of Delhi, Delaware County, New York. He had gone 
 west at the age of twenty to seek his fortune in Minnesota, where he was 
 at first associated with the Second National Bank of St. Paul. In 1871 he 
 organized the Lumberman's National Bank at Stillwater, one of the most 
 important manufacturing towns of Minnesota. For thirteen years he was 
 Cashier and Manager of this institution, and active in the development 
 of his community as Secretary of the Chamber of Commerce and as Secre- 
 tary, Treasurer, and Manager of the Water and Gas Companies. Here, 
 to use the words of Mr. Hepburn, "he earned a reputation for business 
 sagacity coupled with sterling integrity, and the success he achieved soon 
 carried his reputation beyond the confines of his own State. In February, 
 
12 
 
 THE CHASE NATIONAL BANK 
 
 1884, a vacancy occurred in the office of the Comptroller of the Currency, 
 and public sentiment turned to Mr, Cannon as the proper incumbent for 
 that responsible office. He was appointed by the President, confirmed by 
 the Senate, and won the commendation of the banking and business world 
 by his administration." 
 
 In 1886 he resigned as Comptroller of the Currency, although urged by 
 President Cleveland and the Secretary of the Treasury to continue in office, 
 and accepted the vice-presidency of the Bank of the Republic in New 
 York City. This was but a way station; he wanted an institution under 
 his own control, and upon which he could impress his life work. This he 
 had when, on October 30, 1886, he was appointed President of the Chase 
 National Bank. 
 
 Evidences of growth came rapidly one upon another during the next 
 few months. On May 1, 1887, the Bank moved to new quarters at 15 
 Nassau Street, corner of Pine Street. This was a simple process in those 
 days, compared with the task of moving a great bank to-day. "The 
 eighteen clerks put everything in hand trucks," says one of them who is 
 
 now an officer, "and 
 moved around in a 
 few hours. Once in- 
 stalled in these new 
 quarters they seemed 
 so large we had to 
 spend much of our 
 time finding each 
 other!" The location 
 here was particularly 
 convenient as the 
 upper floors of the 
 building were occu- 
 pied by the Clearing 
 House, 
 
 The policy of Mr. 
 Cannon to have the 
 Bank conveniently 
 situated in relation 
 to the Clearing 
 House, was main- 
 t a i n e d throughout 
 h i s regime. An- 
 other interesting side- 
 15 NASSAU STREET light upon Mr. Can- 
 
OF THE CITY OF NEW YORK 
 
 13 
 
 HENRY WHITE CANNON 
 
 non's presidency is the fact that he was the first New Yorl< banker to advo- 
 cate the serving of hot lunches free to employees. 
 
 The regime of the Thompsons had been the formative period of the 
 Bank's history, in which the business of the Chase was largely local. 
 Mr. Cannon's administration was distinctly a period of expansion. The 
 keynote of his regime may be found in Mr. Hepburn's words: 
 
14 THE CHASE NATIONAL BANK 
 
 He knew the western country and he knew country bankers, and he 
 laid the foundations for the growth of the Chase deep and wide by ally- 
 ing it with the undeveloped West. By soliciting the accounts of banks, 
 individuals and corporations throughout the country, he identified the 
 growth of the Chase with the growth of the country. 
 
 The first increase in the capitalization of the Chase National Bank was 
 made on July 1, 1887, when the existing shareholders bought |200,000 of 
 new stock. The following January (1888) the statement of the Bank 
 showed : 
 
 Undivided 
 Capital Surplus Profits Deposits 
 
 1500,000 1400,000 |52,017.90 $8,540,717.25 
 
 On January 10, 1888, James J. Hill w,a,s elected a Director. Mr. Cannon 
 and Mr. Hill had been closely associated in Minnesota, and the coming 
 of Mr. Hill to the directorate of the Chase National Bank, an outgrowth 
 of this early friendship, established an important connecting link between 
 the Bank and the great and growing country of the Northwest. 
 
 It is said that as a young man just beginning business in Minnesota, 
 James J. Hill cut the stencil for the first barrel of flour shipped out of 
 Minneapolis. Certain it is that the rich flow of commerce which followed 
 that first shipment of flour, in ever-increasing volume, out of Minnesota 
 and the Northwest, owed its existence very largely to Mr. Hill. 
 
 The death of John Thompson on April 19, 1891, closed the early period 
 of the Chase Bank's history. The record book of the Bank bears a simple 
 and dignified tribute to the founder, appropriate to the character of the 
 man: 
 
 No eulogy is necessary to those who knew him; a man of fine intel- 
 lect, exceptional ability, wide experience and untiring energy, his services 
 to the nation by his advice and counsel to the officials of the Govern- 
 ment at times of need are well known. He was a fearless critic on 
 financial measures, honest in his convictions, and thorough in his meth- 
 ods, a man whose advice and opinion were sought for and respected. 
 
 William H. Porter was elected a Director in September, 1891, filling 
 the vacancy in the Board caused by Mr. Thompson's death. The next year 
 he was appointed Vice-President, and the cashiership being thus vacated, 
 John T. Mills, Jr., formerly Assistant Cashier, was appointed to the 
 office. 
 
 A few lines which were written by Mr. Hepburn many years after this 
 period was over, reveal the importance of Mr. Porter's work for the Bank: 
 
 Mr. Porter had a great capacity for details and looked after every 
 transaction with painstaking care, and, what is better still and more 
 efficacious in achieving power and progress, he looked after the men 
 
OF THE CITY OF NEW YORK 15 
 
 with whom he came in contact and with whom he had business trans- 
 actions. Hours were no consideration with him; results were what he 
 strove for. He never left his desk until the day's work was satisfactorily 
 completed. Every new acquaintance he made was one added to the 
 already rapidly growing list of admirers and friends. 
 
 His twelve years of earnest, successful labor devoted to building up 
 the clientele of the Chase National was one of the most important 
 factors in the growth of that institution. A very large number of small 
 accounts, especially small banking accounts, distributed throughout the 
 country, which he secured, gave the Bank an opportunity to profit by 
 the growing population and growing business activities of the whole 
 country, and accounts with meager balances at their inception have 
 grown larger as the institutions have grown older and become the staid 
 and strong financial institutions of their respective localities. 
 
 Mr. Porter's position as Vice-President was charged with especially 
 heavy responsibilities, almost immediately after his appointment, by the 
 departure of the President- to Europe on a mission of international im- 
 portance. 
 
 Mr. Cannon was appointed by the President of the United States to 
 be one of the Commission representing this country at the International 
 Monetary Conference in Brussels in November, 1892. This was the last 
 international conference convened for the purpose of discussing the silver 
 question. Mr. Cannon's experience in the banking and business life of 
 this country, especially his wise administration of the Comptrollership of 
 the Currency during the critical period of 1884, had fitted him to an 
 unusual degree for the important work which fell to him at the Conference, 
 and which he accomplished with marked success. 
 
 Although in 1887 the eighteen clerks had "had to look around to find 
 one another" in the quarters at 15 Nassau Street, only a few years had 
 elapsed before it became necessary to rent additional space on Pine Street. 
 This in turn became overcrowded, and when the Clearing House built its 
 handsome marble edifice at 83 Cedar Street, the ground floor and basement 
 of which were available as banking rooms, the Chase National Bank 
 accompanied the Clearing House to its new home. In December, 1895, the 
 Bank occupied its new quarters. 
 
 The banking power of the rapidly growing institution was augmented 
 again on December 31, 1897, when the capital was increased from |500,000 
 to 11,000,000. This increase was derived entirely from earnings, a cash 
 dividend of |500,000 being declared at the same time. 
 
 In January, 1899, Grant B. Schley, one of the ablest private bankers 
 of the city and partner of John G. Moore in the firm of Moore & Schley, 
 was elected to the directorate. 
 
 January 17, 1899, marked the beginning of the association with the 
 
16 
 
 THE CHASE NATIONAL BANK 
 
 Photograph by Graham Goffe. 
 
 83 CEDAR STREET 
 THE HOME OF THE CHASE NATIONAL BANK FROM 1895 TO 1915 
 
 Bank of the man who was to be the third great leader of the institution, 
 and one of the greatest bankers of his day, A. Barton Hepburn. On this 
 date Mr. Hepburn was elected Vice-President and Director, succeeding 
 William H. Porter, who resigned on December 31, 1898, to become Vice- 
 President of the Chemical National Bank. 
 
 There were now ninety-three employees of the Bank, five officers, and 
 seven Directors. The official staff and Directors at this time were: 
 
 OFFICERS 
 H. W. Cannon, President 
 A. B. Hepburn, Vice-President 
 J. T. Mills, Jr., Cashier 
 C. C. Slade, Assistant Cashier 
 E. J. Stalker, Assistant Cashier 
 
OF THE CITY OF NEW YORK 17 
 
 DIRECTORS 
 John G. Moore Grant B. Schley 
 
 Oliver H. Payne A. Barton Hepburn 
 
 James J. Hill Edward Tuck 
 
 Henry W. Cannon 
 
 The statement of the Bank (figures of January 3, 1899) shows: 
 
 Undivided 
 Capital Surplus Profits Deposits 
 
 11,000,000. 11,000,000 1236,747 $43,586,110 
 
 In June of this year the death of John G. Moore removed from the 
 Board of Directors one of the most able and influential of its members, a 
 man universally beloved for his goodness and sterling qualities of man- 
 hood, as he was admired for his shrewdness and sagacity. 
 
 During the next four years two new Directors were elected, John I. 
 Waterbury, in 1900, and George F. Baker, in 1902, and the official staff 
 was increased from five to seven. Samuel H. Miller (now Vice- 
 President of the Bank) and Herbert K. Twitchell were appointed Assistant 
 Cashiers on January 9, 1900, and E. J. Stalker was made Cashier, July 17, 
 1900, taking the place of J. T. Mills, Jr., who resigned on that date. W. 
 O. Jones was appointed Assistant Cashier in Mr. Stalker's place. 
 
 The Directors' meeting of February 9, 1904, was far-reaching in its 
 results. At this time Mr. Hepburn was made President of the Bank, 
 upon the resignation of Mr. Cannon, who became Chairman of the Board, 
 and into the directorate and to the official staff as Vice-President was 
 voted the present chief executive, Albert H. Wiggin. 
 
 At this time the number of employees was one hundred twenty-five, 
 the number of officers six, and of directors eight. The condition of the 
 Bank, as of the previous month, January, 1904, is shown in these figures: 
 
 Undivided 
 Capital Surplus Profits Deposits 
 
 $1,000,000 11,000,000 12,829,216 $52,853,636 
 
 A sketch of the life and career of the new President will suggest in 
 some measure what he brought to the institution of which he now took 
 control. 
 
 A. Barton Hepburn was born in Colton, N. Y., July 24, 1846, the son 
 of a farmer, and one of a family of eight. He was determined upon secur- 
 ing an education, and against severe odds accomplished his purpose, being 
 graduated from Middlebury College with the class of 1871. A few years 
 spent in teaching enabled him to wipe out the financial obligations which 
 he had incurred for his college expenses, and afforded him also an oppor- 
 tunity to study law. While practising law in his native town he came in 
 
18 THE CHASE NATIONAL BANK 
 
 touch with the lumber industry, the main business of the community. An 
 opportunity to carry through a large undertaking in this line pre- 
 sented itself; Mr. Hepburn accepted it, and the result gave him his first 
 capital. 
 
 In 1875 he was sent to the New York State Legislature, where he con- 
 tinued for five successive terms. His greatest accomplishment here was 
 his successful fight against the abuses of railroad discrimination. He 
 drafted and was active in securing the passage of corrective legislation 
 now known as the Hepburn laws. 
 
 Certain work done in banking legislation during this period led to his 
 appointment in 1880 as Superintendent of the Banking Department of 
 New York State, in which office he instituted the practice, later embodied 
 in law, of regular bank examinations. 
 
 As United States Bank Examiner of New York from 1888 to 1892 he 
 was able to study banking in the broadest and most effective way, behind 
 the scenes in the country's greatest banks. His appointment in 1892 as 
 Comptroller of the Currency under President Harrison attested the high 
 caliber of his ability and the regard in which his experience and capacity 
 were held. Cleveland being elected soon after Mr. Hepburn's appoint- 
 ment, he resigned to return to New York as President of the Third Na- 
 tional Bank. In 1897 this institution was consolidated with the National 
 City Bank, of which Mr. Hepburn became Vice-President, continuing in 
 that capacity for two years. 
 
 In 1899, as already stated, he came to the vice-presidency of the Chase 
 National Bank, bringing his distinguished powers and rich experience to 
 the service of a thriving institution with possibilities which he was to 
 develop to proportions then unimagined. 
 
 In 1906 the number of Directors was increased to nine, and George 
 F. Baker, Jr., was elected to the board. 
 
 In less than three years from the beginning of Mr. Hepburn's presi- 
 dency deposits had increased approximately seventeen million dollars, 
 and it was apparent that the capitalization should be enlarged. On Decem- 
 ber 12, 1906, the capital was increased from $1,000,000 to |5,000,000, a 
 400 per cent, dividend being declared at the same time. The strong posi- 
 tion of the Bank was summarized in the following letter to depositors: 
 
 THE CHASE NATIONAL BANK 
 
 New York, Februarj', 1907. 
 Gentlemen : 
 
 We have recently increased our capital to |5,000,000, and in connection 
 therewith deem it a matter of pardonable pride to call attention to the 
 following facts in the history of this bank. 
 
OF THE CITY OF NEW YORK 19 
 
 The CHASE NATIONAL BANK was organized in 1877 with |300,000 
 paid in capital. July 1, 1887, the capital was increased to |500,000, the 
 increase being paid in at book-value, viz., 180, the total amount con- 
 tributed by the stockholders of the Bank thus being |660,000. In 
 December, 1897, the capital was increased from $500,000 to $1,000,000, 
 a cash dividend of $500,000 being paid at the same time. In December, 
 1906, the capital was increased $4,000,000, thereby making the same 
 $5,000,000. Coincident therewith a cash dividend of 400 per cent, was 
 declared, the dividend thus equalling the increased capital stock. After 
 the first year the Bank paid dividends at the rate of 6 per cent, annually. 
 This rate was gradually increased until the dividend reached 20 per cent, 
 in 1906. The aggregate amount of dividends paid up to the present time 
 is $6,322,000. The paid-in capital of $660,000 has been increased by the 
 earnings of the Bank, in the form of capital, surplus and undivided 
 profits, more than $q,ooo,ooo, in addition to the regular dividends paid. 
 In these days of large capitalization and paid-in surplus, we wish to 
 emphasize the fact that our surplus, as well as so much of our capitali- 
 zation, has been earned. 
 
 Very truly yours, 
 
 A. B. Hepburn, 
 
 President. 
 
 During the next five years the growth of the business of the Bank made 
 necessary several additions to the official staff. In 1907 Edwin A. Lee and 
 William E. Purdy were appointed Assistant Cashiers. This brought the 
 number of officers to seven, Herbert K. Twitchell having resigned as 
 Assistant Cashier. The following year Samuel H. Miller was appointed 
 Cashier, vice E. J. Stalker, resigned, and Henry M. Conkey and Alfred C. 
 Andrews were made Assistant Cashiers. In 1910 Mr. Miller, who had 
 been with the Bank since 1889, was made Vice-President, and Mr. Conkey 
 was appointed Cashier. 
 
 Francis L. Hine became a Director on January 12, 1909. The list of 
 the directorate now showed Ihis strong group : 
 
 Henry W. Cannon John I. Waterbury 
 
 James J. Hill George F. Baker 
 
 Grant B. Schley Albert H. Wiggin 
 
 A. Barton Hepburn George F. Baker, Jr. 
 
 Francis L. Hine 
 
 Throughout this period of extraordinary growth in the business and 
 resources of the Chase National Bank, its President, Mr. Hepburn, had had 
 at his right hand, in the office of Vice-President, the most congenial and 
 helpful associate he could have selected, Albert H. Wiggin. The two men 
 were in many respects complementary to each other, and their combined 
 talents gave a unique element of strength and progress to the institution. 
 
20 THE CHASE NATIONAL BANK 
 
 This was recognized in the action of the Board of Directors on January 
 1 1, 191 1, when Mr. Hepburn was elected Chairman of the Board, "empow- 
 ered to manage the affairs and business of the Bank as an executive officer, 
 and authorized to bind the Bank by his acts and signature with the same 
 effect as if he were President of the Bank," and Mr. Wiggin was elected 
 President. 
 
 Mr. Cannon at this time retired from active connection with the man- 
 agement of the Bank. He retained his financial interest, however, and 
 remained a member of the Board of Directors. 
 
 Commensurate with Mr. Hepburn's outstanding achievements was the 
 unprecedented action of the board in adopting, while its subject was still 
 at the height of his activity, the following minute of appreciation : 
 
 The Directors of the Chase National Bank, in accepting the resig- 
 nation of A. Barton Hepburn as President, and in elevating him to the 
 Chairmanship of the Board, desire to record their appreciation of the 
 service he has rendered the institution in the past. Entering this Bank 
 twelve years ago as Vice-President, Mr. Hepburn brought to it the benefit 
 of a life experience gained as the leading executive officer of the bank- 
 ing departments of this State and of the Federal Government. Coupled 
 with this, he possessed peculiarly valuable knowledge in matters legal 
 and legislative. With his distinguished qualities, and fresh from the 
 practical handling of national banking affairs, Mr. Hepburn enjoyed 
 a reputation such as to attract to the Chase new business of magnitude 
 and sound character. During the period of his service as Executive, he 
 devoted himself to the upbuilding of the Bank, and it has grown steadily 
 in importance, in strength, in public confidence, and in reputation for 
 stability and conservative progress. Genial, kindly, candid, disposed to 
 aid, yet possessed of that rare but necessary quality in a banker — the 
 ability to say "no" when "yes" would be unwise — he brought to the 
 task which he had set for himself untiring application, capacity for 
 searching analysis, foresight, breadth of view, rare judgment, and, above 
 all, the wise courage which has made him a leader of men. A thinker 
 and a scholar, a choice spirit and a patriot, he broadened the field of his 
 activities and his influence by a display of interest in the public weal 
 which has made him the welcome and valued adviser of those in 
 authority, and which has led him to give freely and unstintingly of his 
 time to the discharge of many public trusts, and to unselfish service for 
 the city, the state, and the nation. The Directors cherish the hope that 
 for many years Mr. Hepburn may preside over the Board, and with 
 intense satisfaction they avail of a continuance of his advice and his 
 help by electing him Chairman. It is with the warmest good will that 
 they wish for him years of that fine service to mankind, to render which 
 is his highest ambition. 
 
 The new President of the Chase National Bank, Albert Henry Wiggin, 
 was born in Medfield, Massachusetts, February 21, 1868, the son of the 
 Unitarian minister of that place. He was educated in the Dwight School 
 
OF THE CITY OF NEW YORK 21 
 
 and the English High School of Boston, graduating from the latter in 1885. 
 Entering the Commonwealth Bank of Boston as a clerk, he early learned the 
 fundamental details of the banking business. In 1891 he became Assistant 
 National Bank Examiner of the Boston District, and three years later was 
 appointed Assistant Cashier of the Third National Bank. He left the 
 Third in 1897 to accept the vice-presidency of the Eliot National Bank of 
 Boston, which he held until he left Boston, in 1899, to become Vice-Presi- 
 dent of the National Park Bank of New York. 
 
 Mr, Wiggin remained with the National Park Bank for five years, and 
 was also associated during this period with the Mutual Bank and the 
 Mount Morris Bank as Vice-President. These connections terminated in 
 1904, when he came to the Chase National Bank as Vice-President and 
 Director. As one of the organizers of the Bankers Trust Company in 
 1903, Mr. Wiggin had been recognized by the older bankers of the city, 
 with many of whom he was associated in this work, as one of the most 
 promising young bankers of the day. The development of the Chase 
 National under his presidency justified their early estimate of his 
 ability. 
 
 His work for the Chase National Bank did not limit his interest in 
 the banking activities of the city. Besides being a director and member 
 of the Executive Committee of the Bankers Trust Company and the Guar- 
 anty Trust Company, he was active on the boards of the Astor Trust 
 Company, the Liberty National Bank, the National Bank of Commerce, 
 and the Union Exchange National Bank, until the Clayton Act rendered 
 it impossible for him to retain these directorships in addition to his major 
 interest, the Chase National Bank. 
 
 With Mr. Wiggin's regime a new period began in the development of the 
 Chase National Bank as a factor in the business life of the country. Pre- 
 vious to his coming the Chase had been largely a bank for banks. The 
 emphasis had been laid rather on increasing its clientele among the banks 
 of all parts of the country than upon a direct relation with industrial enter- 
 prise. Mr. Wiggin made it also a bank of industry, manufacture, and 
 business, developing the deposits of this nature from 1 16,000,000 in 1904, 
 to 126,894,000 in 1911, and $318,250,000 in 1922. 
 
 Evidences of growth continued to manifest themselves with increasing 
 frequency after 1911. A second Vice-President was added to the official 
 roster by the election on March 20, 1912, of Edward R. Tinker, who is 
 to-day President of the Chase Securities Corporation. Mr. Tinker had 
 been a member of the firm of Rhoades & Company and was known as one 
 of the best judges of security values in the United States. January, 1914, 
 brought a change in the directorate with the retirement of George F. Baker 
 and the election of J. J. Mitchell, President of the Illinois Trust and 
 
22 THE CHASE NATIONAL BANK 
 
 Savings Bank, Chicago. In December of that year two more Assistant 
 Cashiers were appointed, Charles D. Smith and William P. Holly. 
 
 The quarters at 83 Cedar Street had now for a long time been too 
 limited to accommodate the growing business of the Bank. In 1906 addi- 
 tional space had been secured at 64 Liberty Street and connection made 
 through to the Cedar Street banking rooms, but even this enlarged space 
 was now insufficient. Therefore, on January 9, 1915, the Bank was moved 
 to its present home at 57 Broadway. At this time there were 260 em- 
 ployees, eleven officers, and, John I. Waterbury having just retired, seven 
 Directors. The statement showed : 
 
 Undivided 
 Capital Surplus Profits Deposits 
 
 15,000,000 $5,000,000 $4,148,514 $135,183,322 
 
 The death of Henry M. Conkey, Cashier, on July 24, 1915, terminated 
 the career of an able officer of the Bank. The board unanimously adopted 
 the following tribute to his services and personality, a tribute which not 
 only reveals the feeling toward Mr. Conkey himself, but also suggests 
 something of the spirit of warm personal friendliness and comradeship 
 which has always been strong among the officers of the Bank: 
 
 For nearly five years Henry M. Conkey had been one of the chief 
 executive officers of the Chase National Bank, supplementing some years 
 of prior service in a more subordinate capacity. His advancement in 
 position was continuous, in the recognition of his growing usefulness, 
 his broadening experience, his efficiency and his ability. Personally, he 
 was free from angularity, agreeable in manner, earnest, sincere, and 
 loyal, and he contributed largely to the spirit of camaraderie, which 
 makes close personal contact a pleasure and gives to business association 
 a charm. We regret his loss and deplore his untimely death, and as 
 evidence of our appreciation of his worth, decree that the above minute 
 be entered on our record and a copy thereof sent to his family. 
 
 Alfred C. Andrews was appointed Cashier in July, 1915, succeeding 
 Mr. Conkey, and at this meeting also George H. Saylor and M. Hadden 
 Howell were appointed Assistant Cashiers. At the same time a new 
 Director was elected, Guy E. Tripp. The following November brought 
 the number of Vice-Presidents to three, with the election of Carl J. Schmid- 
 lapp, who came from the Bankers Trust Company to be Vice-President of 
 the Chase Bank. Further important additions to the directorate were 
 made in 1916, when upon the retirement of James J. Hill, his son, James 
 N. Hill, and three others, Daniel C. Jackling, Frank A. Sayles, and Charles 
 M. Schwab, were elected to the board. 
 
 General Tripp, who served in the World War as Chief of the Produc- 
 tion Division of the Ordnance Bureau and later as assistant to the 
 
OF THE CITY OF NEW YORK 
 
 23 
 
 Chief of Ordnance, is Chairman of the board of the Westinghouse Electric 
 and Manufacturing Company, and active on the boards of many public 
 utility companies, especially street railways. Mr. Jackling began on the 
 theoretical side of mining as a professor of chemistry and metallurgy, but 
 became more interested in the practical side, and after wide experience as a 
 mining engineer organized the Utah Copper Company and became its 
 Vice-President and Mining Director. He is President or Vice-President 
 and Mining Director of the porphyry group of mining companies, Utah, 
 Ray Consolidated Copper Company, Chino Copper Company, Nevada 
 Consolidated Copper Company. Mr. Schwab, Chairman of the Board of 
 Bethlehem Steel Corporation, began as a boy stage driver, graduated into 
 the steel business as a stake driver, and before many years had become 
 President of the Carnegie Steel Co., then President of the United States 
 Steel Corporation, and finally head of the Bethlehem Steel Corporation. 
 His war work as a manufacturer of munitions, builder of ships, and Di- 
 rector General of the United States Shipping Board Emergency Fleet Cor- 
 poration is part of the history of the nation. 
 
 Ten years had now passed since the increase of capitalization from one 
 million to five, and again it was time to recognize the enlargement of the 
 
 57 BROADWAY, THE PRESENT HOME OF THE CHASE NATIONAL BANK 
 
24 THE CHASE NATIONAL BANK 
 
 banking power of the institution. On October 2, 1916, $5,000,000 was 
 added to the capital, the stock being offered to shareholders at par, and an 
 equal amount to the surplus, the latter being taken from the large "undi- 
 vided profits" account. The statement of the Bank on October 25, 1916, 
 showed, therefore, the following figures: 
 
 
 
 Undivided- 
 
 
 Capital 
 
 Surplus 
 
 Profits 
 
 Deposits 
 
 $10,000,000 
 
 110,000,000 
 
 $1,372,154 
 
 $272,884,557 
 
 Of the $21,372,154 shown above under capital, surplus, and undivided 
 profits, only $5,660,000 was contributed by stockholders, all the rest hav- 
 ing been earned. 
 
 The year 1917 was an eventful one in the history of the Bank. In 
 January, Edward T. Nichols, vice-president of the Great Northern Railway, 
 became a director, and four new officers were added to the staff, bringing the 
 number to seventeen. Those appointed at this time were: Gerhard M. 
 Dahl, coming from the Electric Bond and Share Company, where he was 
 Vice-President, to be Vice-President of the Chase Bank, and, as Assistant 
 Cashiers, S. Frederick Telleen, Robert I. Barr, and Sewall S. Shaw. The 
 following month Newcomb Carlton, President of the Western Union Tele- 
 graph Company, and Frederick H. Ecker, Vice-President of the Metropoli- 
 tan Life Insurance Company, were elected Directors. 
 
 In connection with the administration of affairs of banks, attractive 
 business opportunities frequently present themselves, of which, because of 
 the limited scope of the powers of banking institutions, advantage cannot 
 be taken in their behalf. In order that the shareholders of the Chase Bank 
 might be in a position to embrace such opportunities, the Chase Securities 
 Corporation was formed in June, 1917, with a capital of $2,500,000. The 
 shareholders of the Bank were given the privilege of subscribing for stock 
 of the new corporation, and funds sufficient to cover such subscriptions 
 were furnished by means of the declaration of a special dividend of 25 
 per cent, on the then outstanding $10,000,000 capital stock of the Bank. 
 Chase Securities Corporation began business with the following officers: 
 
 Albert H. Wiggin, President 
 
 Edward R. Tinker, Vice-President 
 
 Gerhard M. Dahl, Vice-President 
 
 Robert I. Barr, Vice-President 
 
 William P. Holly, Secretary and Treasurer 
 
 The new corporation had a board of nineteen directors, most of whom 
 were not connected with the Bank in any capacity beyond that of share- 
 holder. The stockholders of both the Bank and the Securities Corporation 
 remained identical. The business of the new corporation grew steadily 
 
OF THE CITY OF NEW YORK 25 
 
 and on June 30, 1922, showed a capital of 1 10,000,000, and a surplus and 
 undivided profits account of |3,089,000. At that time the officers and 
 directors were: 
 
 OFFICERS 
 Albert H. Wiggin, Chairman of the Board 
 Edward R. Tinker, President 
 Halstead G. Freeman, Vice-President 
 Duncan A. Holmes, Vice-President . 
 
 Robert L. Clarkson, Vice-President 
 William G. Shaible, Treasurer 
 Walter W. Downing, Assistant Treasurer 
 Henry G. Fahlbusch, Assistant Secretary 
 
 DIRECTORS 
 
 Chellis a. Austin Daniel G. Reid 
 
 Thomas Cochran Frederick K. Rupprecht 
 
 Charles G. DuBois Charles H. Sabin 
 
 Gerhard M. Dahl Charles S. Sargent, Jr. 
 
 William P. Holly Reeve Schley 
 
 John L. Kemmerer Carl J. Schmidlapp 
 
 Elcood C. Lufkin Theodore Schulze 
 
 Gates W. McGarrah Galen L. Stone 
 
 Samuel H. Miller Edward R. Tinker 
 
 Seward Prosser Albert H. Wiggin 
 
 The final event of great importance to the Bank in 1917 was the 
 Directors' meeting of September 12. Mr. Hepburn had now passed his 
 seventieth year and was desirous of retiring from active business. He was 
 an enthusiastic sportsman and a lover of outdoor life, and wished to devote 
 more time to the pursuits of his leisure hours, and to his academic and 
 literary interests. The Bank, however, was loathe to lose the benefit of his 
 ripe wisdom, and he himself, vigorous in health and as vitally interested 
 as ever in the welfare of the Bank, in its problems and its growth, con- 
 sented to defer the time when he should give up all connection with its 
 management. The Board of Directors therefore created an Advisory Board, 
 consisting of a Chairman and the senior officers of the Bank, and elected 
 Mr. Hepburn to the chairmanship of this board, stipulating that in this 
 office he "shall be an executive officer of the Bank, having the same authority 
 and powers as the Chairman of the Board." 
 
 Mr. Wiggin was elected Chairman of the Board of Directors with the 
 full power to bind the Bank by his acts and signature with the same effect 
 as if he were President, and Eugene V. R. Thayer of Boston was elected 
 President. These changes took effect January 2, 1918. There were now 
 nineteen officers, nineteen directors, and nearly six hundred employees. 
 Deposits had reached |333,332,837. 
 
26 THE CHASE NATIONAL BANK 
 
 The new President of the Chase National Bank was but thirty-six 
 years old when he took office. He had been President of the Merchants 
 National Bank of Boston for the past six years, and had built up that in- 
 stitution's deposits from ten to seventy millions. He was a grandson of 
 Nathaniel Thayer of Boston, founder of the private banking firm which 
 later became Kidder, Peabody & Company, and builder of a number of 
 western railroads. Young Mr. Thayer had been for some years the 
 trustee of his grandfather's estate, as well as a director in many important 
 corporations, railways, and banking institutions. 
 
 In 1917 and 1918 the Chase National Bank faced the issues and the 
 demands brought upon every member of the community by the exigencies 
 of war with unhesitating response. The full record of its war service 
 cannot be recounted here, its ramifications were so far-reaching and diverse. 
 One hundred and eighty-five of its men went into the service of the Army 
 and Navy — a number exceeding the total number of employees and officers 
 of ten years before. Of these 185 men, three laid down their lives. 
 
 Mr. Hepburn acted as Mr. Hoover's personal representative in adjusting 
 contracts at the time of the closing of the Sugar Exchange; he was Presi- 
 dent of the War Relief Clearing House, a trustee of the Patriotic Farmers' 
 Fund, and a member of the Federal Milk Commission, of Mayor Mitchel's 
 Committee on National Defense, and of the Committee for Men Blinded 
 in Battle. 
 
 Mr. Wiggin, as Chairman of the Clearing House Committee in the 
 critical period of 1914, was asked to remain in office, contrary to custom, 
 for an additional year. His first term in this office, therefore, extended 
 through three years, 1913, 1914 and 1915; again in 1918 and 1919 he 
 served in the same capacity, and in 1920-21 he was President of the 
 Clearing House Association. It was under his leadership that the sum 
 of one hundred million dollars was raised in 1914 for the protection of 
 New York City's debt maturing in London at that time. In 1914, also, 
 Mr. Wiggin was Chairman of the Gold Fund Committee which successfully 
 adjusted the problem confronting American business through the demorali- 
 zation of the foreign exchange market. When the cotton industry was 
 threatened with ruin at the beginning of the war, Mr. Wiggin was one of 
 the two New York members of the committee in charge of the nation-wide 
 Cotton Loan Fund which prevented the collapse of the cotton industry. 
 He was a member of the Central Liberty Loan Committee and the sub- 
 committee on Money Rates. 
 
 In addition to his public and private duties pertaining to banking 
 Mr. Wiggin answered the call of U. S. Fuel Administrator Garfield to accept 
 the position of Fuel Administrator of New York State during the trying 
 winter of 1917-1918. 
 
OF THE CITY OF NEW YORK 27 
 
 Mr. Dahl was a member of the National War Finance Committee of 
 the Red Cross, and Chairman of the Atlantic Division in the |100,000,000 
 drive. He was a member, too, of the Advisory Committee of the New 
 York State Fuel Administration. Mr, Schmidlapp served with the Army in 
 France, and Mr. Barr with the special Red Cross Mission to Russia. 
 
 On the purely financial side, the records show that $704,992,100 
 went from the Chase into the United States Treasury to finance 
 the war. 
 
 But the pressure of the war brought increased demands, and a number 
 of new officers and directors were added to the roll of the Bank. In Janu- 
 ary, 1918, Leon H. Johnston was appointed Assistant Cashier, and Mr. 
 Schmidlapp, Mr. Dahl, and Mr. Andrew Fletcher, president of the Ameri- 
 can Locomotive Company and one of the owners of the W. & A. Fletcher 
 Company, where many of the government ships were reconditioned during 
 the war, were elected to the Board of Directors. 
 
 In the following year the election of Reeve Schley as Vice-President 
 and the appointment of Otis Everett and George E. Schoepps as Assistant 
 Cashiers brought the number of officers to twenty-two. Mr. Schley, 
 formerly a member of the law* firm of Simpson, Thacher & Bartlett, was 
 made Vice-President to develop the Trust Department, created under 
 the provisions of the Federal Reserve Act which permitted the Bank to 
 exercise the same fiduciary powers as a trust company. The wisdom of 
 the Directors in creating such a department is shown by the fact that to-day 
 the Chase National Bank is trustee of mortgages and deeds of trust 
 amounting to more than |400,000,000. 
 
 Meanwhile the growth of the personnel had given rise to other de- 
 velopments within the Bank. As early as 1909 the Chase Bank Club 
 had been organized to promote a spirit of comradeship among the clerks; 
 its social intercourse and the excellent investment service it off^ered its 
 members had made it a particularly vital element in the life of the Bank's 
 personnel. In 1918 the number of employees had become so large that 
 the need was felt for a house magazine to interpret the aims and the spirit 
 of the institution. Accordingly in April of that year The Chase was 
 founded, and has been issued continuously since. The following year, in 
 October, the Medical Department was established. Here a practising 
 physician each morning, and a graduate nurse in attendance throughout 
 the day, safeguard the health of the employees and examine all applicants 
 before they are accepted for employment. A group insurance plan went 
 into efi'ect in January, 1920, under which all employees of more than three 
 months' standing are insured for from $1000 to $5000, according to length 
 of service. 
 
 Benjamin M. Anderson, Jr., Ph.D., an economist of wide reputation. 
 
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THE CHASE NATIONAL BANK 29 
 
 came to the Bank in July, 1920, as Economist. In September of that year 
 he began the periodic issuance of The Chase Economic Bulletin, in which 
 his keen analytical powers are brought to bear upon the economic problems 
 of the day. 
 
 The fifth increase in capitalization of the Chase National Bank was 
 made January 20, 1920, when the capital became $15,000,000. At this 
 time there were deposits of $387,861,000. Four months later the surplus 
 was increased to $15,000,000 from undivided profits. 
 
 At intervals during the year 1920 a number of new members were 
 elected to the Board of Directors and several new officers were appointed. 
 William Boyce Thompson, Reeve Schley, Kenneth F. Wood, H. Wendell 
 Endicott, and William M. Wood were added to the board, which, however, 
 in this year suffered the loss by death of Henry B. Endicott and Frank A. 
 Sayles. Mr. Thompson had been a director of the Federal Reserve Bank 
 of New York from the time of its organization until 1919, and in 1917 he 
 headed the Red Cross Mission to Russia. Mr. Henry B. Endicott, Presi- 
 dent of the Endicott Johnson Company, one of the largest shoe manufac- 
 turers in the world, had been food administrator for Massachusetts 
 and executive manager of the Massachusetts Committee on Public Safety, 
 during the war; he was succeeded on the Chase Bank directorate by his 
 son. Mr. Kenneth F. Wood represented the cotton textile industry, being 
 an officer and director of the Sayles Finishing Plants, and Mr. William 
 M. Wood, President of the American Woolen Company, the great woolen 
 goods manufacturing enterprise of the country. In May, 1920, Andrew 
 G. Campbell, William H. Moorhead, Charles A. Shepardson, and Ernest 
 T. Love were appointed Assistant Cashiers. In October, Alfred C. Andrews 
 and Robert I. Barr were elected Vice-Presidents, William P. Holly was 
 appointed Cashier, and a new office was created, that of Assistant Vice- 
 President, to which were appointed Edwin A. Lee, William E. Purdy, 
 George H. Saylor, and M. Hadden Howell. All of these men had been in the 
 Bank for many years as the dates of their coming to the Chase will show: 
 Mr. Andrews, 1894; Mr. Barr, 1915; Mr. Lee, 1889; Mr. Purdy, 1890; 
 Mr. Saylor, 1899; Mr. Howell, 1902; Mr. Holly, 1901. 
 
 In 1915 it had been thought that the new home into which the Bank 
 moved at that time would be ample for a number of years, embracing as it 
 did two and one half floors of the Adams Express Building, which extends 
 through the entire block from 57 Broadway to 41 Trinity Place. The rapid 
 growth of the Bank's business soon proved otherwise. Additional space was 
 secured in the building, until now five floors are occupied there, and in 
 October, 1920, an adjacent building owned by the Bank was opened as an 
 annex. Here a number of the departments are situated, as well as the 
 dining rooms and a club room for employees. 
 
30 THE CHASE NATIONAL BANK 
 
 On April 6, 1921, Mr. Thayer resigned the presidency of the Bank, and 
 entered private business as a member of the firm of E. Atkins & Co., 
 sugar merchants. He retained, however, his directorship on the Board. 
 Mr. Wiggin was re-elected President and continued as Chairman of 
 the Board. 
 
 A number of official appointments during 1921 brought the list of 
 officers to twenty-eight in September of that year. The office of Comptroller 
 was created January 12, 1921, and Thomas Ritchie appointed to assume its 
 duties. In January, also, George A. Kinney, formerly a trust company 
 officer of long experience, was appointed Trust Officer of the Bank in 
 charge of the rapidly growing Trust Department. In July a new Vice- 
 President was added, Sherrill Smith, formerly chief national bank exami- 
 ner of the Second Federal Reserve District. In the same month Manfred 
 Barber was appointed Manager of the Foreign Department, succeeding 
 Herman Krech, who had resigned. Carl P. Biggerman became Assistant 
 Cashier September 7. On September 14 the name of Jeremiah Milbank 
 was added to the list of Directors. 
 
 For the forty-four years of its life the Chase National Bank had grown 
 entirely through its own wise management and conservative policy. It 
 was the only one of the larger banks which had never increased its size by 
 consolidation. On November 23, 1 92 1, however, the Metropolitan Na- 
 tional Bank was merged with the Chase, and the former offices of the 
 Metropolitan became branches of the Chase National Bank. The Metro- 
 politan Bank had been since its organization in 1905 a progressive, well 
 managed institution, one of its branches having been originally the old 
 Shoe and Leather Bank, founded in 1852. The merger of the Metropolitan 
 with the Chase enlarged the local scope of the Chase through seven ad- 
 vantageously located branches in New York and Brooklyn. It also in- 
 creased the banking power of the larger institution, the figures of December 
 31, 1921, showing: 
 
 Capital Surplus and Profits Deposits 
 
 120,000,000 $21,104,424 |359,162,590 
 
 The merger brought into the official family of the Chase National Bank 
 a new Vice-President, Henry Ollesheimer, formerly President of the Metro- 
 politan, and three Assistant Vice-Presidents, Gilbert B. Sayres, Alfred W. 
 Hudson, and George Hadden. Mr. Ollesheimer also became a Director of 
 the consolidated institution. Other additions to the official staff of the 
 Bank, made by the merger, were the following branch officers: Metropolitan 
 Branch, Frank W. Frazee, Manager, James A. Greig, Assistant Manager; 
 Shoe and Leather Branch, James L. Miller, Manager; Maiden Lane Branch, 
 Joseph Pulvermacher, Manager, William A. Johnson, Assistant Manager; 
 
OF THE CITY OF NEW YORK 31 
 
 Prince Street Branch, Frank C. Meyer, Manager, Joseph H. Holmes, As- 
 sistant Manager; Seventh Avenue Branch, William P. Larbig, Manager, 
 James R. Wright, Assistant Manager; Madison Avenue Branch, Howard 
 Cline and Otto F. Stepbach, Assistant Managers; Hamilton Trust Branch, 
 Joseph C. Hecker, Manager, Robert S. Girling, Assistant Manager, George 
 1. Pierce, Assistant Trust Officer. 
 
 From the pleasure of welcoming these new-comers to the staff of the 
 Bank, the officers and older employees of the Chase were plunged into the 
 most acute personal sorrow by the death, on January 25, 1922, of their 
 beloved senior, Mr. Hepburn. The sense of loss was widely shared 
 throughout the city and country and in many far corners of the earth. 
 Besides his great life work for the Chase National Bank, Mr. Hepburn had 
 found time for a multiplicity of other services to his community and the 
 world. He had been President of the New York Clearing House Associa- 
 tion in 1911-12. For many years he had been an active member of the 
 Chamber of Commerce, serving as President, 1910-12, and instituting the 
 system of examinations and issuance of commercial credentials now carried 
 on by the Chamber. In furtherance of this work he presented to the 
 Chamber securities yielding an income of over |8000 a year for the train- 
 ing of young men and women desiring to secure the credentials of the 
 Chamber. 
 
 Mr. Hepburn was the author of Artificial Waterways of the World 
 and History of Currency in the United States. He was the principal 
 executive of the National Sound Money League, formed to educate the 
 public against the fallacies of the Free Silver doctrine. In 1907 and in 
 1913 he was chairman of the committee to revise banking laws in New 
 York State, and in 1918 was chairman of a committee appointed by the 
 Governor to recommend legislation for the protection of the public in 
 security transactions. One of his greatest services to the nation was his 
 work in 1919 and 1920 as representative of the Second Federal Reserve 
 District on the Federal Advisory Council. He was a director in many 
 important corporations, and a trustee of Columbia University, Middlebury 
 College, and the Rockefeller Foundation. Always an admirer of Japan, 
 and keenly alive to the importance of a common understanding between 
 Japan and America, he founded a chair of American Constitution, History 
 and Diplomacy in the Imperial University of Tokyo. The long list of 
 decorations and honorary degrees which Mr. Hepburn had received from 
 foreign governments and the universities of his native country affords an 
 interesting but a very inadequate record of the universal respect and ad- 
 miration in which he was held. It was not these formal testimonials that 
 reflected his greatness, however, but rather the friendships which were his, 
 among the highest and the humblest of the earth. 
 
32 THE CHASE NATIONAL BANK 
 
 The Board of Directors paid this tribute to Mr. Hepburn: 
 
 Alonzo Barton Hepburn died in the fullness of years, in the midst 
 of activities which he long knew and loved, surrounded by those who 
 knew and loved him; renowned as an economist, a banker, a sportsman, 
 and in all these great spheres of activity he was a master. 
 
 It is interesting to note that each of these activities reinforced and 
 complemented the other until there stood foursquare to the world a 
 unique and unusually qualified personality. He knew life from many 
 sides. His own had the facets of a well cut crystal, each facet reflecting 
 the lights and colors of a well ordered and well balanced mind. 
 
 Barton Hepburn's life-story is a chart for the guidance of man. The 
 record begins with the simplicity of early days, narrates the struggles, 
 the vicissitudes, the gradual overcoming by energy and force of char- 
 acter the obstacles that lay in his path, until after distinguished service 
 to his State he was charged with Federal responsibility in connection 
 with the national banks of the country. His struggles had left no bitterness, 
 his disappointments no sting. He looked out on life preserving a seren- 
 ity, a confidence, and, over all, a fine simplicity, never losing hold of 
 basic principles and ideals. These are the true attributes of greatness, 
 for they are qualities of heart, brain, sympathy, courage, and hope. 
 
 Almost a quarter of a century ago Mr. Hepburn began his connection 
 with the Chase Bank, each year to become more widely known to city, 
 state, and nation as a successful financier and economist, until in the 
 fullness of his power he was accorded the rank of an international 
 adviser on things economic. 
 
 His tastes were catholic but ever scholarly. The intellectual life 
 made strong appeals to him, as witness his wide-spread generosity to 
 libraries, schools, colleges, and universities. 
 
 As an author he wrote what he knew. His History of Currency in 
 the United States reads as easily as a story. His brochure on big-game 
 hunting in Africa is a classic in simplicity and directness. 
 
 We who served with him are proud of his achievements; our grief 
 is at the loss of a sympathetic friend. We salute the memory of Alonzo 
 Barton Hepburn and record in resolution the expression of our pro- 
 found loss. 
 
 The shadow of personal loss was deep and is still deep upon his as- 
 sociates, but as he had not been active in the affairs of the Bank for some 
 years no change was made in the management upon his death. 
 
 Few events remain to be recorded. In January came the appointment 
 of Richard C. Hubbell as Assistant Manager, and some months later as 
 Manager, of the Madison Avenue Branch. In March, 1922, Joseph C. 
 Rovensky, formerly national bank examiner and assistant cashier of the 
 Corn Exchange National Bank of Chicago, was appointed Assistant Cashier 
 in charge of the Foreign Department, which had become one of the largest 
 and busiest departments of the Bank. Under him are the Manager, Man- 
 fred Barber, and two Assistant Managers, John H. Morrell and Allan V. 
 
OF THE CITY OF NEW YORK 
 
 33 
 
 @ Underwood & Underwood 
 
 A. BARTON HEPBURN 
 
 Daily. Gilbert B. Sayres, Assistant Vice-President, died on April 25. 
 The same month James L. Miller was appointed Assistant Vice- 
 President at the Shoe and Leather Branch, and Richard C. Smith, Harold 
 L. Van Kleeck, and Herman Knoke were appointed Assistant Cashiers, 
 completing the official roster as it appeared on September 20, the forty-fifth 
 anniversary of the Bank's opening. On that day the appointment of 
 
34 THE CHASE NATIONAL BANK 
 
 William H. Young as Assistant Cashier brought the number of officers to 
 fifty. In August, 1922, Arthur G. Hoffman, Vice-President of the Great 
 Atlantic and Pacific Tea Company, was elected to the Board of Directors, 
 which now numbers twenty-three. 
 
 The public services which the men of the Chase National Bank have 
 been called upon to render have already been referred to in a number of 
 cases, and there is much that cannot be recounted in this limited space. 
 Mr. Cannon was a member of the celebrated Clearing House Committee 
 of 1893 which rendered such conspicuous service to the financial and com- 
 mercial interests of the country at that crucial time. In the panic of 1907, 
 as a member of the Clearing House Loan Committee, Mr. Wiggin was one 
 of those who effectively stayed the threatened cataclysm. Mr. Hepburn 
 was called upon to help in forming the Federal Reserve Act, and later, as 
 already stated, to aid in its operation as a member of the Federal Ad- 
 visory Council. 
 
 The forty-five years of continuous and successful growth of the Chase 
 National Bank has been made possible not only by the wisdom, energy, 
 and devotion of the men who have guided its destinies, but also by an ever- 
 growing corps of earnest workers who have stood behind them from the 
 beginning, and have also given of their best, in able work and unstinted 
 devotion. It is impossible to name more than the smallest fraction of 
 these, but some, whose long term of service has particularly identified them 
 with the Bank, should be remembered. Seven whose periods of service 
 of over thirty years have now been terminated by age or death were: 
 Edward M. Coleman, Edmund Haight, Lewis W. Harvey, Pemberton 
 Leggett, Christian Nauert, Elmer O. Stratton, and Arthur L. Travis. The 
 following employees of the Bank, still active, have completed thirty years 
 or more of service: William Christie, William G. Hull, William C. Johnson, 
 William P. Mitchell, Justus Morris, Jr., Frank R. Pidgeon, Theodore B. 
 Reynolds, Thomas Shearman, and Frederick J. Treat. 
 
 Such has been the life of the Chase National Bank in its first forty-five 
 years. From a capital of |300,000 to a capital of $20,000,000 with surplus 
 and profits of $21,787,000; from deposits of $14,738 to deposits of 
 $434,107,000; from an official staff of three to one of fifty, and a clerical 
 force of four to 1280 — this is a long way to have come in so brief a span 
 of years. In the winning of the growth so far achieved has come ex- 
 perience, knowledge, a widening outlook, and a larger service, above all a 
 high tradition with which to meet and build the future. 
 
THE CHASE NATIONAL BANK 
 
 OF THE CITY OF NEW YORK 
 
 57 Broadway 
 
 September 15, 1922 
 
 Capital $ 20,000,000 
 
 Surplus and Profits 21,787,000 
 
 Deposits 434,107,000 
 
 OFFICERS 
 
 ALBERT H. WIGGIN, President 
 
 Vice-Presidents 
 
 Samuel II. Miller Henry Ollesheimer 
 
 Carl J. Schmidlapp Alfred C. Andrews 
 
 Gerhard M. Dahl Robert I. Barr 
 
 Reeve Schley Sherrill Smith 
 
 Assistant Vice-Presidents 
 
 Edwin A. Lee M. Hadden Howell 
 
 William E. Purdy Alfred W. Hudson 
 
 George H. Saylor George Hadden 
 
 James L. Miller 
 
 Comptroller Cashier 
 
 Thomas Ritchie William P. Holly 
 
 Assistant Cashiers 
 
 Charles C. Slade Carl P. Biggerman 
 
 Charles D Smith Joseph C. Rovensky 
 
 S. Frederick Telleen Richard C. Smith 
 
 Leon H. Johnston Harold L. Van Kleeck 
 
 Otis Evereti Herman Knoke 
 
 George E. Schoepps William H. Young 
 
 Andrew G. Campbell Kenneth C. Bell 
 
 William H. Moorhead Franklin H. Gates 
 
 Ernest T Love Thomas A. Pyterman 
 
 George A. Kinney, Trust OfTicer 
 Manfred Barber, Manager Foreign Department 
 
 BRANCHES 
 
 metropolitan branch shoe and leather branch 
 
 fourth avenue at 23d street 320 Broadway 
 
 Henry Ollesheimer Vice-President A. W. UuDsoti. . .Assistant Vice-President 
 
 F. W. Frazee Manager J. L. ^[ili.er. .. .Assistant Vice-President 
 
 J. A. Greig .Assistant Manager Howard Cline Assistant Manager 
 
 MAIDEN LANE BRANCH PRINCE STREET BRANCH 
 
 75 maiden lane 565 Broadway 
 
 Jus. Pulvermacher Manager F. C. Meyer Manager 
 
 W A. Johnson .Assistant .Manager J. H. Holmes Assistant Manager 
 
 SEVENTH AVENUE BRANCH MADISON AVENUE BRANCH 
 
 seventh avenue at 36th street Madison avenue at 41st street 
 
 W. P. Larbig Manager R. W. Hubbell Manager 
 
 J. R. Wrighi Assistant Manager O. F. Stepbach Assistant Manager 
 
 HAMILTON TRUST BRANCH 
 
 191 MONTAGUE STREET, BROOKLYN 
 
 George H\dde>i . .Assistant Vice-President R. S. Girling Assistant Manager 
 
 J. C. Hecker, Jr Manager G. I. Pierce Assistant Trust Officer 
 
 DIRECTORS 
 
 Henry W. Cannon Edward R. Tinker Reeve Schley 
 
 Albert II. Wiggin Edward T. Nichols Kenneth F. Wood 
 
 John J. Mitchell S'ewcomb Carlton H. Wendell Endicott 
 
 Guy E. Tripp Frederick H. Ecker William M. Wood 
 
 James N. HiLL Eugene V. R. Thayer Jeremiah Milbank 
 
 Daniel C. Jackling Carl J. Schmidlapp Henry Ollesheimer 
 
 Charles M. Schwab Gerhard M. Dahl Arthur G. Hoffman 
 
 Samuel H. Miller Andrew Fletcher 
 
CHASE SECURITIES CORPORATION 
 
 61 Broadway 
 
 June 30, 1922 
 Capital Stock (200,000 shares no par value) . $10,000,000 
 Surplus and Profits 3,089,000 
 
 OFFICERS 
 
 ALBERT H. WIGGIN 
 Chairman of the Board of Directors 
 
 Edward R. Tinker 
 President 
 
 Vice-Presidents 
 
 Halstead G. Freeman Duncan A. Holmes 
 
 Robert L. Clarkson 
 
 William G. Shaible 
 Treasurer 
 
 Walter W. Downing 
 Asst. Treasurer 
 
 Henry G. Fahlbusch 
 Asst. Secretary 
 
 DIRECTORS 
 
 Chellis a. Austin 
 Thomas Cochran 
 Charles G. DuBois 
 Gerhard M. Dahl 
 William P. Holly 
 John L. Kemmerer 
 ElgoodC. Lufkin 
 Gates W. McGarrah 
 Samuel H. Miller 
 Seward Prosser 
 
 Daniel G. Reid 
 Frederick K. Rupprecht 
 Charles H. Sabin 
 Charles S. Sargent, Jr. 
 Reeve Schley 
 Carl J.Schmidlapp 
 Theodore Schuue 
 Galen L. Stone 
 Edward R. Tinker 
 Albert H. Wiggin 
 
THIS BOOK IS DUE ON THE LAST DATE 
 STAMPED BELOW 
 
 AN INITIAL FINE OF 25 CENTS 
 
 WILL BE ASSESSED FOR FAILURE TO RETURN 
 THIS BOOK ON THE DATE DUE. THE PENALTY 
 WILL INCREASE TO SO CENTS ON THE FOURTH 
 DAY AND TO $t.OO ON THE SEVENTH DAY 
 OVERDUE. 
 
 FEB 2» 1940 
 
 — /i^ 
 
 LD 21-100m-7,'39(402s) 
 
Binder > 
 
 Gaylord Bros.. Inc. 
 
 Stockton, Calif. 
 T. M.Reg.U. S.Pat. Off. ; 
 
 M19792 
 
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